Anavex Life Down Big After Subpoena Disclosure

Shares of

plummeted during Tuesday's trading session and were trading lower by more than 12 percent at $6.17 by 10:45 AM EST. Anavex Life Sciences disclosed earlier in the day an SEC subpoena and formal investigation in a

which may be related to unusual activity in the company's stock. "On December 22, 2015, the Company received a subpoena from the Securities and Exchange Commission (SEC) which indicates that the agency is conducting a formal investigation," Avanex Life Sciences said in its 10-K filing. "The Company believes the subpoena and investigation relate to the recent unusual activity in the market for the Company's shares. The Company is fully cooperating with the SEC in this investigation and is unable to predict when this matter will be resolved or what further action, if any, the SEC may take in connection with it."